Edmonton home sales up 25% in August vs. 5 year average
Home buyers continue to purchase in Edmonton – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We empower home buyers and sellers with the data they need to be successful. When you arm yourself with transparent data, you will feel more confident in setting the price of your home and selling it or buying at the right price.
Obviously, there are many important factors to consider (what kind of home you have, what community etc.), so it’s important to look specifically at what the housing market is doing in your neighbourhood. It is dead-easy to look at our data with a personal lens.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Edmonton real estate market as of September 2023?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Home sales in August 2023 continued to be higher than 2022/2021
Home sales in August 2023 continued to be higher than 2022/2021 for the second month in a row. Sales are up 25% vs the average of the last 5 Augusts. This high demand is for more affordable homes (attached & apartments). Meanwhile the number of homes for sale is 20% lower than where it would typically be this time of year. Despite this home prices decreased 0.3% over last month and down 3.9% over August last year
Edmonton's Detached Homes
Detached sales were up 19% in August 2023 compared to the last 5 Augusts. Detached prices are down 0.1% MoM and down 2.8% YoY
Edmonton's Apartments
Sales of apartments were down 23% in August 2023 vs the avg of the last 5 Augusts. Prices increased 0.7% MoM while being down 0.5% YoY.
Edmonton's Attached Homes
Attached sales were up 69% in August 2023 vs the avg of the last 5 Augusts. Sales were even higher than 2022 & 2021 levels, making attached homes the strongest selling segment (relatively). Prices decreased 1.5% MoM while being down 4.5% YoY.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Want to Buy or Sell Your Home easily?
Welcome to Bōde
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
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